Canadian dollar gains against EUR, USD

Key Movers

The UK continued to look outside the box for medication to combat COVID-19, despite already vaccinating over 2.5m people. The story broke that certain companies are looking to replace the COVID-19 jab with a pill. This would allow for far quicker distribution and allow those with fears of needles to obtain the vaccination. Once this is cemented, it is likely the pound will strengthen, as investors look to economies without the economic burden of COVID-19. For the moment, the pound remains steady. However, with no rate cut on the horizon and the burden of a lockdown already priced into the British economy, there is little that can further knock the British currency.The Australian dollar retreated through trade on Wednesday, drifting below 0.7750 as bond yields and equities fell and hopes for additional US fiscal stimulus drove US dollar gains. Having touched intraday highs at 0.7780, markets largely ignored a strong uptick in job vacancies despite the run-on implications for a sharp correction in unemployment rates and upward inflation expectations. Instead, markets looked to a fall in oil prices and commentary from Fed officials suggesting loose monetary policy will be tapered as the Fed moves nearer to its economic goals.